Buying a new car is not easy. There are a lot of factors to consider, especially when it comes to the specs of the cars you’re interested in. Since you’re going to spend thousands of dollars purchasing one, it is just right for you to set the specific things you are looking for a new ride.
However, you can always meet pushy, overbearing sales people along the car buying process. Without basic knowledge of how to buy a car in a smart way, you can end up buying one at a price that is more than what you should pay.
So before you get on that final decision, keep in mind these 5 tips to help you get the best deal on a new car:
How to Get the Best Car Deal?
Know Your Budget
Before you take any further step, it is important to know your budget. How much are you willing to spend for a new ride? More importantly, how are you planning to finance it? Do you have enough funds to pay it in full? Or are you planning to apply for an auto loan?
If you are applying for an auto loan, you have two options: You can either get the financing at the dealership or you can apply for a loan from your bank. Both options have their own pros and cons. But if what you’re after is low interest rates, opting for a bank-financed loan is the way to go.
However, bank-financed auto loans are not for everyone. Banks have stringent screening processes. Unless you have a great credit score, your chances of getting approved is rocky.
With that, you don’t have a choice but to go for a dealer-financed auto loan — which is not bad at all. It is easier to get approved, and sometimes allow you to pay a lower down payment.
Make Your Initial Research
With your budget in place, you can now start looking for cars that will meet your standards. Make a list of all the features you are looking for in a car. It is a good idea to have a good amount of knowledge of what kind of car you are looking for before you even go to showrooms physically. This won’t just save you time, but this will also make the process a lot easier.
Once you have a list of cars that you are considering to buy, you must do initial research about them. Compare each car. There are free online car comparison tools that can help you with that. That way, you can determine which car tops the other in a specific area.
One great thing about living in the 21st century is that information is accessible. You can access almost anything via the Internet. This includes car specifications and reviews made by car enthusiasts. You can read articles or watch videos made by those motoring experts — giving you an idea of their first-hand experiences with the car.
Now that you have a list of cars you are interested in, you can now physically visit showrooms and dealerships. Take note, however, that you must shop around. Don’t just go to one dealership and purchase one immediately. It is always better to widen your options so that you can ensure getting the best car deal.
Always be ready to walk out the door when needed. Car dealers are experts when it comes to convincing people to make a purchase right at that very moment. They will make you think that you’ll be getting the best deal if you sign up with them.
While what they are saying might not be entirely false, their dialogue is just part of their sales strategy. Make sure that you’ll remain smart, and will not give into pressure.
Negotiate with the Dealer
When shopping around, control your emotions. Cars are not low-priced items that you should just buy instantly. Always negotiate with the dealership. This will help you guarantee that you are not paying more than what you have to.
If you think you’re not an effective negotiator, bring a friend or relative with you who is. Let them do the negotiations on your behalf.
Book a Test Drive
As much as possible, never ever buy a car without having to experience it firsthand. You should experience driving it yourself before making a purchase. I’m sure you don’t want to spend your hard-earned money on a car that does not meet your expectations.
Inform your dealership that you want to schedule a test drive. And if needed, don’t hesitate to ask for more time behind the wheel. Make the most of your time with the car. Experiment with the controls and make sure you are comfortable driving it.
Buy a Car the Smart Way
Buying a new car is both exciting and exhausting. Since it is a major purchase, you must guarantee that you will make use of any possible approach to ensure that your money will be invested in a car that you really like and does meet your needs.
Don’t be one of those people who easily give in to the persuasive words of dealers. Keep yourself informed about the car you are interested in, and be prepared to get into negotiations when necessary. That way, you’ll get your new car at the best possible price.